Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: ONFA), a company that focuses on bio- and digital technology that aims to transform the treatment of mental health and addiction disorders, has released financials and a business update for the third quarter ending September 30, 2021 (https://ibn.fm/RKapA). The highlight of this quarter was the five-year research agreement Mydecine Innovations entered with Johns Hopkins University School of Medicine, one of the most experienced university departments in conducting clinical research related to the therapeutic use of psychedelics, according to CEO Joshua Bartch.
The five-year master collaboration research agreement with Johns Hopkins University gives the company’s medical and scientific research teams the resources needed to explore things like different indications, enhanced delivery, improved dosing, shorter half-life or other improvements needed to advance our understanding of these medicines in medical practice.
In collaboration with JHU, the company is rapidly advancing one of its lead candidates, MYCO-001, through clinical trials with an upcoming seamless Phase 2/3 smoking cessation clinical trial and a JHU multi-site NIDA grant-funded smoking cessation study, which will use MYCO-001.
“This marks the first time in over 50 years that the U.S government has funded a study of a psychedelic compound for therapeutics,” Bartch explained. “As we prepare for the launch of these trials, we expect to meet with the FDA for Pre-Investigational New Drug Application (Pre-IND) meetings in early 2022, another step closer to bringing to market more effective treatments for today’s unmet needs in mental health and addiction.”
The research agreement is a good indication of the company’s commitment to advancing psychedelic medicine as a whole, since, unlike some competitors, they are not just focusing on psilocybin or MDMA.
“The long-term potential of this research agreement is captivating for us here at Mydecine,” Chief Scientific Officer and Co-Founder of Mydecine, Rob Roscow, stated. “It demonstrates our commitment to advancing psychedelic medicine by exploring multiple molecules and medicines for a variety of indications.”
IP Portfolio
During the third quarter, Mydecine also filed three patent applications and successfully synthesized a novel psilocin analogue with improved pharmaceutical properties. The patents include a final patent for MYCO-003, developed for enhanced treatment of anxiety and PTSD, with the US Patent and Trademark Office and the World Intellectual Property Organization. The other two patents refer to an MDMA-like compound and one for technology using nanoemulsion to enhance, stabilize, and make repeatable properties of ingredients from traditional medicine.
Technology and Corporate
During the same reporting period, Mydecine successfully launched Mindleap 2.0, an updated version of the company’s proprietary virtual health platform – providing better user experience, infrastructure, and overall content expansion. The company continues to work on developing an AI-driven drug discovery program that screens billions of new drug candidates and filters them for the ability to modulate an activity of psychedelic-related targets.
In terms of financials, the company reported total cash and cash equivalent of $1.6 million for the quarter’s end. Net losses attributed to common stockholders totaled $4.5 million, equivalent to a per-share loss of $0.02, down from the $17.4 million loss reported during Q3 2020
Additionally, Mydecine has completed its spin-out transaction of ALT House Cannabis Inc., which now holds the company’s U.S. cannabis assets. This allows the Mydecine team to shift focus on the company’s core drug development processes.
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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